qmv superbrief issue #20 of 2015

QMV Super Solutions specialise in the delivery of world-class technology

and business solutions for the superannuation and wealth management

industries. With a fresh approach to solving complex process issues, our

tailored solutions are delivered by a bright young team who are experts

in their fields, and passionate about results.

qmvsupersolutions.com

While all care has been taken to ensure the accuracy

of the information presented, QMV Super Solutions

is not responsible for any loss or damage suffered in

relying on the information presented.

QMV

REGULATION

The Federal Government has

released for consultation a

discussion paper outlining

proposed Financial Institutions

Supervisory Levies for 2015-16.

The levies will aim to recover

the operational costs of the

Australian Prudential Regulation

Authority (APRA) and other

Commonwealth agencies and

departments.

Source: Treasury

Following ongoing consultation,

the Australian Prudential

Regulation Authority (APRA) has

written to all registerable

superannuation entity (RSE)

licensees on Wednesday 20th of

May, determining 18 more

superannuation data points as

non-confidential for future

annual superannuation

statistical publications and

reports.

Source: APRA

RETIREMENT SAVINGS

According to Industry Super

Australia, the Federal

Government’s proposed

changes to the pension asset

test will affect mostly those on

average incomes or below,

with estimates it will amount to

a 10% overall cut in middle

income earners' retirement.

Source: Industry Super Australia

GROUP INSURANCE

APRA has written to life insurers

outlining the results of its recent

examination of the group

insurance market. Among the

observations were that insurers

have suffered recent losses, in

particular due to total and

permanent disability (TPD)

claims. APRA notes that insurers

are likely to implement a range

of changes to mitigate losses,

such as tightening the definition

of Total and Permanent

Disablement and reducing

automatic acceptance limits,

however encourages insurers to

improve risk and business

management practices.

Source: APRA

SUPER CONCESSIONS

The Federal Budget has failed

to address inequities within the

superannuation system, namely

the tax concessions afforded to

wealthier Australians, according

to Good Super Managing

Director Andrew MacLeod.

According to MacLeod, “While

tax concessions for young and

low-income people makes

sense to encourage better

retirements savings, it makes no

sense to give tax concessions to

the 'uber-wealthy' when

government tax revenues are

as tight as today’s".

Source: Investor Daily

TECHNOLOGY

Superannuation and investment

software provider, Financial

Synergy has teamed with new

client ClearView Wealth Limited

to launch WealthFoundations,

an online portal based on their

Acurity platform, which features

the ability for its members to

access and manage their

accounts online as well as view

correspondence.

Source: Financial Synergy

PROFESSIONAL ETHICS

CFA Societies Australia have

written to Treasury, suggesting

events such as the financial

crisis and recent financial

planning scandals, have shown

that industry ethics need to

improve, and suggested

financial services professionals

should take "a personal oath of

integrity that puts investor rights

front and centre of everything

they do, every day.”

Source: CFA Societies Australia

APPOINTMENTS

AMP Capital CEO Stephen

Dunne has announced that he

will retire from AMP Capital later

in the year, after 12 years in the

role. A global search is

underway to find a successor

for Dunne, the statement said.

Source: AMP

SuperBrief Independent & Concise

Issue #20 of 2015: Friday, 22nd May